If a hurricane were to wipe out the majority of the eastern seaboard in the United States, it would likely cause a:
A. short-run supply shock.
B. long-run supply shock.
C. long-run demand shock.
D. short-run demand shock.
Answer: B
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In a competitive economy, the questions of what, how, and for whom to produce tend to be regulated by
a. the government. b. businessmen. c. the price system. d. workers.
Members of the Federal Reserve Board of Governors are ______.
a. elected by the U.S. public for lifetime terms b. appointed by the U.S. president for terms of 14 years c. appointed and removed according to the votes of Fed member banks d. chosen at random from the heads of the 12 regional Fed banks, every four years
A(n) ________ in U.S. interest rates will cause a decrease in the demand for U.S. dollars and a(n) ________ in the (per dollar) exchange rate.
A. increase; increase B. increase; decrease C. decrease; increase D. decrease; decrease
Which of the following products has the most elastic demand?
A. Ben and Jerry's Chunky Monkey ice cream in the pint container B. all Ben and Jerry's ice cream C. all premium ice cream D. all ice cream